ARLINGTON, TEXAS — Stonemark Equities and equity partner 29th Street Capital have acquired Southern Hills Apartment Homes, a 250-unit multifamily complex in Arlington. The property, located at 2624 South Hills Boulevard, offers one-, two- and three-bedroom layouts. Stonemark will rebrand the property as The Mark at 2600 and invest $1.3 million in renovations, including improvements to the clubhouse, fitness center, pool, playground and interior appliances. The seller was a group of individual owners/investors.
GLENDALE, ARIZ. — The 208-unit Acacia Pointe Apartments in Glendale has sold to Acacia Pointe, LLC for $8.5 million. The community is located at 8344 N. 67th Ave. It was built in 1985. The buyer was represented by Joe Dietz of US Investment Realty. The seller, Paradise Urban Apartments, LLC, dba Bank of America, was represented by Jim Crews and Brett Polachek of Cushman & Wakefield’s Multifamily Advisory Group.
SEATTLE — Invesco Real Estate has purchased 206 Bell, a new 122-unit apartment community in Seattle’s Belltown neighborhood, for an undisclosed sum. The community is located near the offices of Amazon, Twitter, Facebook, Google and the Bill and Melinda Gates Foundation. It was developed by HB Management. The transaction was executed by David Young,Corey MarxandSeth Heikkilaof Jones Lang LaSalle Capital Markets.
SAN JOSE, CALIF. — TruAmerica Multifamilyhas purchased the 168-unit Avenel Apartments in San Jose for $38 million. The Class B community is located at 750 N. King Road near the offices of Cisco Systems, eBay, Adobe and Intel. TruAmerica plans to execute an extensive renovation at the property. This acquisition was completed in partnership with Vista Investment Group and Western Investments Capital. TruAmerica Multifamilyis led by Robert E. Hart and The Guardian Life Insurance Company of America. This is the investment firm’s second acquisition in two weeks. It also recently purchased Piazza D’Oro in Oceanside for $81 million. The seller, Fairfield Mabury Village LLC, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.
HOUMA, LA. — Greystone has provided $24.3 million in HUD financing for the Belmere Luxury Apartments, a 249-unit multifamily complex in Houma, about 60 miles southwest of New Orleans. The gated community features a resort-style pool, Jacuzzi, fitness center, jogging trail, barbecue area and a dog park. Nathan Schuss of Greystone’s New York office arranged the 40-year, fully amortizing HUD 223(a)7 loan on behalf of Robert Aiello, the borrower of record in partnership with Ronald Turner.
CINCINNATI — Finance Fund has awarded $8 million in federal New Markets Tax Credit (NMTC) financing for the construction of University Station, a $53 million mixed-use development near Xavier University in Cincinnati. The project has been in development for six years and includes retail, residential units, office space and parking plus the infrastructure needed for future phases. Phase I is a 15-acre mixed-use project near Xavier University's campus that will be completed by August 2014. This phase includes 176 student housing units, 39,000 square feet of retail, 46,000 square feet of office and more than 1,000 parking spaces. The University Station site is owned by Xavier University and will be developed in collaboration with Messer Construction and Ackermann Group. Finance Fund is one of five participating community development entities providing federal NMTC allocations. The other four are Cincinnati Development Fund, Enterprise Community Investment Inc., The Community Builders Inc. and US Bank Community Development Corp.
ELGIN, ILL. — Marcus & Millichap has arranged the $1.1 million sale of 308 Kathleen Drive, a 12-unit apartment building and 314-318 Kathleen Drive, two six-unit apartment buildings in Elgin. Andrean Angelov and Ryan Engle, investment specialists at Marcus & Millichap, marketed the property on behalf of the seller, a partnership, and the buyer, a limited liability company. The properties include two-bedroom/one-bathroom units and one storage space per unit.
SAN ANTONIO — Presidium Group has acquired Hunter’s Ridge Apartments, an 81-unit multifamily property in northern San Antonio. The complex, which Presidium will rebrand as Elm Creek Apartments, is located at 2358 N.W. Military Highway. The new ownership has launched a $1.1 million capital improvements program, including enhancements to both interiors and exteriors and the addition of a fitness center. The property also offers proximity to the South Texas Medical Center, San Antonio International Airport and Hardberger Park.
SEATTLE — Invesco Real Estate has purchased 206 Bell, a new 122-unit apartment community in Seattle’s Belltown neighborhood, for an undisclosed sum. The community is located near the offices of Amazon, Twitter, Facebook, Google and the Bill and Melinda Gates Foundation. It was developed by HB Management. The transaction was executed by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle Capital Markets.
SAN JOSE, CALIF. — TruAmerica Multifamily has purchased the 168-unit Avenel Apartments in San Jose for $38 million. The Class B community is located at 750 N. King Road near the offices of Cisco Systems, eBay, Adobe and Intel. TruAmerica plans to execute an extensive renovation at the property. This acquisition was completed in partnership with Vista Investment Group and Western Investments Capital. TruAmerica Multifamily is led by Robert E. Hart and The Guardian Life Insurance Company of America. This is the investment firm’s second acquisition in two weeks. It also recently purchased Piazza D’Oro in Oceanside for $81 million. The seller, Fairfield Mabury Village LLC, was represented by Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni of Institutional Property Advisors.